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If your SSN ends in 0, 1, 2, or 3 and you are still awaiting the arrival of your renewed EA card, don’t be alarmed. The government shutdown earlier this year delayed the processing of EA renewals. As a result, IRS automatically extended the deadline for renewals beyond March 31, 2019. In addition, IRS personnel have been informed that lack of a renewed EA card would not affect an enrolled agent’s ability to practice. All renewal applications will be processed on a first in, first out basis. Details are available on IRS’ website:
The House Ways and Means Committee passed the IRS Reform bill, the Taxpayer First Act of 2019 on Tuesday. The bill includes the NAEA E-signatures provision, which was one of the key requests at NAEA’s 2018 Congressional Fly-In. Citizen advocacy makes a difference!
The House is expected to pass the bill later this month. The Senate may skip the Finance Committee and could bring the bill directly to the floor. For the bill to quickly pass in the Senate, however, both sides would have to agree to strict debate and amendment limits, which might be difficult in light of the building pressure to pass extenders legislation and the recent partisanship over nominations.
Errata for March 29 E@lert
The Bipartisan Policy Center conference on the paper co-authored by NAEA’s own, Jeff Trinca, will be on APRIL 8 (not March 8). You still have time to register for the webcast on the timely topic, “Life is Complicated Enough, Paying Your Taxes Shouldn’t Be.”
IRS has clarified the tax treatment of state and local tax refunds arising from years in which the SALT deduction is effective. Consequently, it does not impact any state tax refunds received in 2018. Revenue Ruling 2019-11 uses four examples to illustrate how the tax benefit rule interacts with the new limitation on SALT deductions.
Delinquent Foreign Withholding Procedures Memo
The Large Business and International Division released a memo providing procedures for withholding agents to rectify delinquent foreign withholding tax returns.
Leonardo DiCaprio’s new film, Akira, won big with $18.5 million in tax incentives under the state’s expanded film tax credit program.
The Department of Revenue has revised Form 741 to reflect which estate and trust expenses are deductible and issued a technical advice memorandum with additional information.
The comment period for proposed regulations on net operating loss deductions and carry forward are due May 2, 2019.
As part of the budget passed and signed into law, vaping products will be subject to a 20 percent tax starting on December 1.
The latest tax newsletter for February/March was released earlier this week.
| || EVERYTHING BUT THE KITCHEN SINK|
Poll of the week
Yesterday, the Pew Research Center released the results of a poll on the perceived fairness of the tax system, post-TCJA. It raises an interesting question: what is the future of voluntary tax compliance in a country so divided along partisan lines?
Another Installment of “With Parents Like These”
Lori Loughlin and her husband seemed less than contrite about their role in the college admissions scam at their first court appearance.
With a Title like That
The Tax Foundation’s wrap-up, “Budgets and Tax Returns, Savings for What, and An Angry Chairman” hits a number of the high (or low, depending on one’s perspective) points in the tax policy world.
IRS Tax Forums Early Registration Promo Code Available
Join your colleagues for three days of informative education sessions, training, and networking featuring a full agenda of the latest tax law information, networking opportunities, and exhibits of the latest products and services for your business needs. The Partner Association Members code is ONLY VALID FOR EARLY BIRD REGISTRATION. Early Bird Registration is from 3/1/19 – 6/15/19. Contact NAEA to request your discount code.
“I get up every morning determined to both change the world and have one hell of a good time. Sometimes this makes planning my day difficult.”
E.B. White (1899 – 1985), American Writer
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NAEA E@lert | Volume 1: Issue 21
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